After six months we were able to finally purchase a short sale in Georgetown, CA. This blog covered the six long months of the purchase and is now covering the moving and setup of our new farm, MountainEars Farm.

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Thursday, February 25, 2010

We received word that the appraisal by BofA happened today as scheduled, so that is good. The Realtor was told that it would take two business days to be completed and submitted to BofA (we will not know the actual results of the appraisal, it's for BofA only). We have no indications at this point in regards to the timeframe of next steps from BofA. Our Realtors and the current property owner will continue to pester BofA but for now this is all we know. Still hoping we can open up escrow in March though!

Friday, February 19, 2010

Realtor has not spoken directly with the negotiator that was assigned yet, but she was contacted today by an appraiser that BofA engaged to do a physical appraisal of the house. This is scheduled for next Thursday, so it seems that things are still happening, which is good. What is next, I have no idea! But once again we're at another Friday and we're hoping for another incremental step forward next week...

Wednesday, February 17, 2010

This is good news, finally some progress with BofA. Our Realtor now has a name and a phone number they can contact that knows our file and is responsible for negotiating the approval from BofA on the short sale. If we can get their approval finalized, we can then finalize it with the first mortgage folks! I don't want to get too optimistic, but I'd like to hope that we could get all of the approvals in place by the end of February so we can get into Escrow in March...we'll see. Hopefully we'll hear some more news by the end of this week.

Friday, February 12, 2010

The word at the end of this week is....keep waiting. Realtors contacted BofA (all week) and now the word is we have another 10 day wait clock started, which means no news until the 26th at the earliest. They will continue to call them and make sure the clock does not get reset (this is the second time we've been told there's a 10 day wait clock, this time the person said they had no record of it and they restarted it again).

Friday, February 5, 2010

Checked in with our Realtor, who is checking with BofA twice a day. Nothing new on the online system and when she calls they say the file is in a "held" state which means it's under review waiting assignment of a negotiator. They were told the other day this should happen today, but at this point it still has not.

The holder of the first, Marix, is starting to put some pressure on to get this closed and needs the response from BofA to do so and as a result the Realtor has posted a message indicating this pressure in hopes that they will respond otherwise they could lose it all (as we would as well, going to foreclosure is not beneficial to us at all).

Hopefully we'll hear something soon, I'll have to check in on Monday if we don't hear anything today.